Deem Global, the macro hedge fund founded by former Brevan Howard portfolio manager Asfandyar Nadeem, has grown its assets under management to approximately $1bn, following a standout performance in the first half of 2025, according to a report by Bloomberg.

The report cites an investor letter seen by Bloomberg as revealing that the London-based firm’s flagship Deem Global Macro fund has returned 21.3% through the end of May. A higher-octane version of the strategy – Deem Global Macro Plus – which runs with greater risk and concentration, delivered a striking 78.2% gain over the same period.

Performance has been powered by directional bets on a weaker US dollar, short positions in US and European long-dated bonds, and equity trades exploiting growing geopolitical and economic tensions between the US and China. The firm has reportedly locked in profits on many of these trades.

Deem’s milestone comes less than three years after its launch, marking a notable ascent for a solo-managed macro fund in a market environment increasingly dominated by large multi-strategy players. The $1bn AUM threshold is often seen as a key marker that opens the door to institutional capital from pensions, endowments, and sovereign wealth funds.

Nadeem, 33, founded Deem Global in 2022 with approximately $300m in Day 1 capital. Prior to launching his own fund, he spent five years at Brevan Howard, eventually rising to lead global macro special opportunities. At Deem, he serves as the sole risk taker, focusing on a concentrated set of macro themes across currencies, interest rates, equities, and commodities.

The flagship fund has generated an annualised return of around 12% since inception, according to the letter. To support growth, the firm recently brought in Charles Akingbehin from Capula Investment Management.

Nadeem declined to comment on the performance or asset growth.